Adventure Box Technologies has announced its first foray into the igaming industry by completing an acquisition of Lion Gaming Group for SEK 475m ($45m).
Headquartered in Stockholm, the gaming tech company inked a Letter of Intent to acquire all shares of Lion Gaming for a total of SEK 475m, paid through newly issued shares in Adventure Box at SEK 0.4 per share.
Signalling its entry into the igaming industry, Adventure Box has suggested that the merger will “change the game for operators, suppliers and most importantly, players”.
Adventure Box currently operates KoGaMa, an online platform where users can create, share and play streamed 3D video games, which is used by over 750,000 players every day.
Mads Jørgensen, Chairman of the Board of Adventure Box Technologies, stated: “We are creating a major new player in the igaming market through the acquisition of Lion Gaming Group, and we see opportunities for synergies between the KoGaMa platform and Lion’s gaming platform.
“This acquisition lays the foundation for a global player powered by power, bleeding edge technologies that will change the game for operators, suppliers and most importantly, players.”
Adventure Box’s acquisition will see the firm become the sole shareholder in Lion Gaming, a Canada-based provider that offers fully customisable white-label sportsbook and casino solutions powered by its innovative Fer0x Engine.
Michal Bendtsen, CEO of Adventure Box Technologies, explained: “This strategic move significantly enhances our footprint in the video game industry. This acquisition not only broadens our scope and capabilities within the gaming ecosystem but also introduces new revenue streams.
“We are confident that this will bring value to our shareholders and accelerate our growth trajectory in the ever-evolving gaming market.”
According to the buyer, Lion Gaming is expected to reach revenues of SEK 350m ($33m) across 2024, with an expected EBITDA of SEK 180m ($17m).
Duncan McIntyre, CEO of Lion Gaming Group, added: “We look forward to becoming part of Adventure Box Technologies and benefiting from their extensive experience and resources to further develop our business.
“This merger gives us the opportunity to benefit from synergies and strengthen our presence globally, which benefits both our customers and shareholders.
“We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in igaming technology through organic growth and acquisition of new businesses.”
